NO.PZ2018091701000111
问题如下：
All else equal, which of the following would least likely affect the price of a particular company‘s bond?
选项：
A.
The expected inflation rate falls.
B.
The company’s future cash flows are expected to increase.
C.
The yield to maturity on real default-free investments rises.
解释：
考点：The Present Value Model
解析： 选项A：expected inflation rate 影响的是分母折现率，通货膨胀率下降，分母变小，债券价格变大。
选项B：债券是固定收益产品，即使公司未来现金流的增加，债券取得的利息仍然不变，因此不会影响债券的价格。
选项C：yield to maturity on real default-free investments 影响的是分母折现率，分母变大，股票价格变小。因此本题选B。
yield to maturity on real default-free investments这句话的意思怎么理解？就是市场的投资回报率上升了？
